Sugarmade Expecting Record June Quarter Revenue on New Products - Announces Preliminary March Quarter Revenue Results
PR Newswire PR NewswireApril 26, 2017
CITY OF INDUSTRY, California, April 26, 2017 /PRNewswire/ --
Sugarmade, Inc. (SGMD), today provides investors with an outlook for the current fourth fiscal quarter ending June 30, 2017, and makes comments relative to preliminary revenue results for the recently ending March Quarter. Based on current revenue growth rates, Sugarmade is expecting to report record revenue for the three-month period ending June 30, 2017. The anticipated increase is being driven by continued strong sales to the Company's legacy customer base and orders for new products, including the Company's recently introduced transport and storage products.
For the quarter ending March 31, 2017, the Company expects to report revenues of approximately $900,000, which would represent an increase of approximately 9% comparative to the March 31, 2016 quarter.
Jimmy Chan, CEO, commented, "We are very pleased with revenue trajectory thus far in 2017. Our new transport products are receiving strong interest, allowing us to increase our factory orders with sell through gaining strength. Sugarmade plans to make a formal product availability announcement during early May for Sriracha Stix, which are encapsulated Huy Fong Sriracha Sauce and other seasonings in the form of a 'stick' which are inserted into meat, fish and poultry prior to cooking. The Company expects to begin marketing of the new product on May 9, 2017. We are expecting strong revenues from the Sriracha Stix product, as interest has been nothing short of phenomenal."
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